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FHA for First time Florida Homebuyers, First time home buyer programs in Florida, Florida FHA loans, http://www.fhamortgageprograms.com/
FHA loan programs offer lower downpayments and are a good option for first-time homebuyers. In addition to the low down payment requirments compared to other loan programs the downpayment can come from a friend, family member or a non-profit. For more information on down payment assistance visit http://www.downpaymentsolutions.com/. FHA also offers law enforcment officers, firefighters, emergency medical techniciasns, teachers who are contributing to community refitilization of the community incentinve in the form of a discount of 50% from the list price of a home. Eligible Single Family homes located in revitalization areas are listed exclusively for sales through the Good Neighbor Next Door Sales program. Check the listings for your state. Follow the instructions to submit your interest in purchasing a specific home. If more than one person submits on a single home a selection will be made by random lottery. You must meet the requirements for a law enforcement officer, teacher, firefighter or emergency medical technician and comply with HUD's regulations for the program. FHA loans frequently asked questions
FHA does not lend money to homebuyers, FHAinsures mortgages made by approved lenders to individuals and non-profit and government agencies that are approved to participate in HUD's programs;
What about a bake sale....
bry2000,
The downpayment funds must be either sourced (meaning; you can trace the money back to a legitimate source. IE - paycheck, bonus, gift, etc), or the funds must be seasoned (meaning; the funds must have been in your bank account for at least 60 days). This is the most typical guideline for downpayment funds.
Featured Rates are based on state rates for 5/1 ARM loans and are valid for the date shown, but they may change without notice. They are for consumers with a credit rating of 720 or higher and a 20% or higher down payment. Rate, terms, pre-paid finance charges, and APR may vary based on factors such as creditworthiness of the applicant(s), self employment status of the applicant(s), condo or townhouse structure, loan amount, and geographic location of the property.
If a lender does not offer a national rate, a state rate may be shown next to the lender's name. For example, 'Bank name (CA)'.
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what are down payment sources
Kay Osman, "lovehawaii"
Oahu, Honolulu, Hawaii
Real Estate Agent
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Gifts: Your parents, relatives or friends can present you with an outright gift of a down payment. If this is a possibility, lenders will ask for a gift letter from your benefactors stating that the money is yours and that no repayment is expected. Check with your accountant about the maximum of the non taxable maximum yearly gift you can get from your parents.
Employment benefits: You may also like to check if you can withdraw or borrow from your Pension Plan, IRA or 401K. There might be a penalty for withdrawing funds from those sources, so a better strategy may be to borrow against your account. Check with your accountant please.
Negotiate: Another important source is the Seller of the property you are planning to purchase. Your agent can request a 3% to 6% credit (depending on the amount of your down payment) from the Seller at closing to go toward your closing cost. This is allowed and regulated by lenders and a great way to get funds for closing cost. Remember, reducing your need for cash has the same effect as increasing your cash.
Try to strike deals when possible, be creative. Lender?s fees may be negotiable, for example, discounts may be available from escrow or title. If you do not try, you will never find out.
Advances: You may be able to raise cash by arranging to receive your holiday bonus or allowance ahead of time. Similarly, if your job calls for a regular merit or pay raise, ask your employer for a letter detailing the amounts and dates of scheduled increases. Some lenders go so far as to consider such non cash forms of compensation or commission as the use of a company car as part of your total income.
Be creative and good luck
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